TS公司房地产投资信托基金模式探析(MBA硕士)

TS公司房地产投资信托基金模式探析(MBA硕士)(开题报告,论文31000字)
摘要
房地产投资信托基金是把投资信托作用于房地产，将产业投资基金证券化，建立专门的投资运营团队和金融机构，通过发行收益凭证，广泛吸收社会上多数人的资金来进行房地产领域直接或者间接的投资，再将这些收益进行按比例分配给投资者的一种中长期投资方式。由于房地产投资信托实行的是集中管理和多方位的投资，能够有效的规避风险，从而获得较高的收益回报，可以说房地产投资信托基金是将房地产政券化的金融方式。集高稳定性、高收益性和税负较低等特点于一身，是不动产证券化的一种重要的表现形式，具有资金管理规范性、投资策略制定严谨性等得天独厚的条件。为了更加深入的了解与认知房地产投资信托基金的运行模式，本文从房地产投资信托基金的基础概念入手，分析了房地产投资信托基金的特点及其运行模式，并结合TS公司的实际情况，从TS房地产公司背景分析入手，分析了TS房地产投资信托基金的产生背景和发展现状，并从房地产基金构建及组织、基金来源及投向、基金退出方式三个方面分析了TS房地产公司投资信托基金模式的特点，并将TS公司房地产投资信托基金模式与其他房地产投资信托基金模式进行了比较，对TS公司房地产投资信托基金模式进行了全方位的了解，在此基础上，结合SWOT分析方法，对TS公司房地产投资信托基金所具有的流动性高、多元化投资组合分散风险的竞争优势以及制约公司成长、基金运作监管流于形式的竞争劣势进行了分析，同时，结合TS房地产公司发展所面临的外部环境因素，美国房地产行业发展的成熟、投资主体已逐渐形成、信托业发展日趋规范的发展机遇和公司所面临的面临市场过度炒作风险、社会文化方面的障碍等风险因素进行了综合性的考量，提出了包括合理控制财务杠杆、利用已开发物业持续现金流进行扩张等在内的TS公司房地产投资信托基金模式改进方案以及包括创造REITs的必要法律环境、改善市场环境、建立REITs的组织机构和完善信息公开化制度在内的经验性总结，希望通过对于TS公司房地产投资信托基金模式的放系，对我国房地产行业的良性发展具有重要的借鉴性意义。
    关键词：TS公司，房地产投资信托基金，组织结构，风险控制
Abstract
Real estate investment trust fund is applied to real estate, the investment trust industry investment fund securitisation, establish special investment operations team and financial institutions, through the issuance of income proof, widely absorbs most of the money to society for real estate investment directly or indirectly, to assign these earnings are in proportion to the investors a way of long-term investment. Because the real estate investment trust is a centralized management and all-round investment, can effectively avoid risk, to gain higher returns, to say the real estate investment trust fund is to real estate bond financial way. Set high stability, high profitability, and the characteristics of the low tax burden at a suit, is a kind of important forms of real estate securitization, money management standardization, investment strategy, rigour advantaged conditions, etc. In order to further the understanding and cognition of the mode of the real estate investment trust fund, this article from the basic concept of real estate investment trust fund, analyzes the features and the operating mode of real estate investment trust fund. At the same time, combining with the actual situation of company, from the analysis on real estate company background, analyzes the background and current situation of the development of real estate investment trust fund. And from real estate fund organization, fund source and to build and into, fund exit way three aspects analyzes the characteristics of real estate investment trust company model. To real estate investment trust model are compared with those of the other modes of real estate investment trusts, real estate investment trust model of TS company has carried on the comprehensive understanding, on this basis, combining with the SWOT analysis method, the TS company of real estate investment trusts has high liquidity, diversified portfolio diversification, and the competition advantages of the company's growth, fund operation regulation become a mere formality competitive disadvantage was analyzed, at the same time, combining with the TS real estate company development faced by the external environment factors, the real estate industry development of mature, investment subject has been gradually formed, business development has become increasingly standardized development opportunities and the company faces the market faced by excessive speculation risk, social risk factors such as cultural barriers has carried on the comprehensive consideration, the author puts forward the reasonable control including financial leverage, the use of developed property sustained expansion of cash flow, etc, TS company improvement project of real estate investment trust model and includes creating REITs the necessary legal environment, improve the market environment, establish REITs organization and improve the system of information into the open, empirical summary, hopes for TS company department of real estate investment trust model, the real estate industry in our country the benign development of VB.it has important reference meaning.
Keywords: TS company, REITs, organizational structure and risk control


目录
摘要--------------------------------------------------------------
ABSTRACT----------------------------------------------------------
1 绪论------------------------------------------------------------
  1.1研究背景及研究意义-------------------------------------------
  1.2国内外的研究现状---------------------------------------------
    1.2.1国内研究现状    ------------------------------------------
    1.2.2国外研究现状---------------------------------------------
  1.3 本文研究的主要内容    -----------------------------------------
  1.4 研究思路与方法-----------------------------------------------
2 房地产投资信托基金基础理论---------------------------------------
  2.1房地产投资信托基金的概念--------------------------------------
  2.2房地产投资信托基金的特点--------------------------------------
    2.2.1稳定性强--------------------------------------------------
    2.2.2收益率高--------------------------------------------------
    2.2.3税负较低--------------------------------------------------
  2.3房地产投资信托基金的运作方式----------------------------------
    2.3.1组织体系--------------------------------------------------
    2.3.2运作流程--------------------------------------------------
3 TS房地产公司基本情况介绍-----------------------------------------
  3.1 TS房地产公司背景介绍-----------------------------------------
  3.2 模式介绍-----------------------------------------------------
    3.2.1 产生背景-------------------------------------------------
    3.2.2 发展现状-------------------------------------------------
  3.3 TS公司发展房地产投资信托基金的特点---------------------------
    3.3.1 架构及组织----------------------------------------------
    3.3.2 来源及投向----------------------------------------------
    3.3.3 退出方式------------------------------------------------
  3.4 TS公司房地产投资信托基金模式与其他房地产投资信托基金模式的比较-
    3.4.1 激励合约设计与其他REITs的比较---------------------------
    3.4.2 风险控制与其他REITs的比较-------------------------------
4 TS公司房地产投资信托基金模式SWOT分析-----------------------------
  4.1 TS公司房地产投资信托基金模式的竞争优势-----------------------
    4.1.1流动性较高------------------------------------------------
4.1.2多元化投资组合分散风险------------------------------------
4.1.3较高的社会信誉度------------------------------------------
4.1.4独特价值的认可技能----------------------------------------
  4.2 TS公司房地产投资信托基金模式的竞争劣势-----------------------
    4.2.1产业模式制约公司成长--------------------------------------
4.2.2主导地位和财务杠杆难控制----------------------------------
4.2.3突发性的地产债务危机--------------------------------------
  4.3 TS公司房地产投资信托基金模式的机遇---------------------------
    4.3.1投资区域房地产行业发展的成熟-----------------------------
    4.3.2投资主体已逐渐形成    ---------------------------------------
4.3.3信托业发展日趋规范----------------------------------------
4.3.4基金运营模式专业化增强------------------------------------
  4.4 TS公司房地产投资信托基金模式的挑战---------------------------
    4.4.1面临市场过度炒作风险    -------------------------------------
4.4.2社会文化方面的障碍    ---------------------------------------
4.4.3市场变化的不可控性---------------------------------------
4.4.4过度投资为基金的发展埋下隐患-----------------------------
5 TS公司房地产投资信托基金模式改进方案-----------------------------
  5.1合理控制财务杠杆----------------------------------------------
  5.2利用已开发物业持续现金流进行扩张------------------------------
5.3增强基金管理专业化--------------------------------------------
5.4市场本土化----------------------------------------------------
6 TS公司房地产投资信托基金模式在对我国房地产行业的借鉴-------------
  6.1创造REITs的必要法律环境--------------------------------------
  6.2改善市场环境--------------------------------------------------
  6.3建立REITs的组织机构------------------------------------------
  6.4完善信息公开化制度--------------------------------------------
7 结论与展望-------------------------------------------------------
参考文献-----------------------------------------------------------
致谢--------------------------------------------------------------